The business of the RMC Group is risk management. We take a holistic approach to Enterprise Risk Management (ERM), which refers to the process of planning, leading and controlling the operations of a business in order to minimize the negative impact of risk on the profitability of the business. RMC offers comprehensive risk management tools, including traditional, commercial property and casualty insurance and captive insurance.
Any professional Certified Risk Manager understands that risk management must go beyond insurance coverage. A company must begin with cost prevention, move to cost containment, and finally fill in the gaps with insurance. RMC agrees with Randy Boss, CRA, CRM, MWCA, SHRM-SCP, who identified six rules of risk management:
1. No business should retain more risk than its can afford to lose.
2. No business should risk a lot for a little.
3. Every business should consider the likelihood of upcoming events and their potential impact.
4. No business should ever treat insurance as a substitute for risk control.
5. There is no such thing as an uninsured loss; an uninsured loss is a retained loss.
6. Every business should use at least one risk control technique and one risk financing technique for each exposure identified.
RMC Group can help your business clients design and build a risk management process around these rules. To learn more about our ERM process, specialized property and casualty offerings, or captive insurance management services, contact RMC Group today at 239.298.8210 or [email protected].